If you’re in a Medicare Advantage plan, you have probably heard people talking about Annual Enrollment Period. But what is it exactly, and how does it impact your Medicare Advantage choices? In today’s post, we will give you all the answers.
Understanding Medicare Advantage Plans
Medicare Advantage Plans, also known as Medicare Part C, provide a range of benefits that help cover medical costs not covered by Original Medicare.
These plans are offered by private insurance companies that have been approved by Medicare. Medicare Advantage Plans offer the same coverage as Original Medicare, but with additional benefits such as vision, dental, and hearing coverage, as well as prescription drug coverage.
What Is Medicare Advantage Open Enrollment Period?
The Medicare Advantage Open enrollment period is a time window during which you can make changes such as:
- Switch to another Medicare Advantage Plan with or without drug coverage.
- Drop your Medicare Advantage Plan and go back to Original Medicare.
- Join a Medicare drug plan.
The Medicare Advantage Open Enrollment Period applies only if you’re already in a Medicare Advantage plan (with or without drug coverage), and runs from January 1st to March 31st, or within the first three months you get Medicare.
It is also important to keep in mind the things you CANNOT do during the Medicare Advantage Open Enrollment Period. These include:
- Switch from Original Medicare to Medicare Advantage
- Join a Medicare drug plan if you’re in Original Medicare.
- Switch from one Medicare drug plan to another if you’re in Original Medicare
Also, remember that any changes to your coverage made during the Medicare Advantage Open enrollment period will become effective the first of the month after the plan gets your request.
Need Help Making Sense of Medicare Advantage? Mint Insurance Agency Is Here To Help
We are an insurance agency dedicated to becoming a lifetime partner for your Medicare needs.
If you need assistance or want to learn more about the alternatives at your disposal, contact our licensed agents today or call 1.888.225.MINT (6468). Our team stands ready to answer all your questions.